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Boston housing market as 2019 gets underway
According to an analysis from real estate research site NeighborhoodX, average asking prices for market-rate homes at the more expensive end of the Boston market (Back Bay, Beacon Hill, and other parts of downtown) heading into 2019 converge at around $1,200 to $1,300 a square foot. The same is the case in less expensive areas such as Mattapan, Roxbury, and Hyde Park, although, there, the convergence is around $300 a foot.
Overall prices at the end of December ranged from a low of $159 a square foot in Mattapan to a high $3,857 a foot in Back Bay.
NeighborhoodX broke down both range and price per-square-foot to offer a different lens through which to analyze the market. At the lower end, this gives a sense of where (or whether) bargains can be found, or what the entry level price might be. At the upper end, especially with emerging neighborhoods, it gives a sense of where the neighborhood may be heading.
Check out the graph below to see a portion of the average consolidated neighborhood prices. Click here to review NeighborhoodX interactive breakdown of the full average, high and low prices per neighborhood.
Here’s November 2018’s Monthly Indicators Report from the Greater Boston Association of Realtors® showing Boston real estate market trends.
November 2018 Greater Boston Real Estate Market Trends
Appreciating home prices, increased inventory of homes for sale and a strong buyer population helped the detached single-family home market reach a record high for units sold during the month of November, according to data released by the Greater Boston Association of REALTORS® (GBAR).
Last month, a total of 1,214 single-family detached homes were sold in metropolitan Boston, which set a historical high sales total for the month and is a 4.9 percent increase on the 1,157 homes sold in November 2017. Additionally, on a month-to-month basis, single-family home sales rose 11.8 percent from 1,087 in October 2018.
The condo market, however, experienced a 13.6 percent decline on annual basis, dropping from 979 units sold in November 2017 to 846 last month, which reflects the fourth-highest sales total on record for the month. Despite this drop, the number of condos sold on a month-to-month basis rose 6.7 percent from the 793 units sold in October.
- November condo sales DOWN -13.6%
- Median prices UP +2.8% ($555,000)
- Active Listings UP +17.0% to 2,070
- Listings added to the market DOWN -0.6% over last year (834 from 839 in 2017)
- November single-family home sales UP +4.9%
- Median prices UP +4.0% ($588,450)
- Active Listings UP +0.4% to 2,429
- Listings added to the market DOWN -4.7% over last year (885 from 929 in 2017)
Interested In Specific Neighborhood / Area Real Estate Market Trend Data?
Learn the differences between these types of urban row houses.
Did you catch the mistake Remodelista made in their instagram post? They got quite a bit of flack from their followers for calling a brick row house a brownstone. I have to say, that is one of my pet peeves. What are the architectural differences between the two? Let me give you the low down, so you don’t have to make the mistake.
Brownstone was a popular form in Northeast cities during the 19th century, named for its façade cladding of brown or red-brown sandstone. Brownstones are almost always multiple stories tall and frequently feature flat roofs. The distinct feature about brownstones is the nearly seamless line between one townhouse to the next. Brownstone materials blend together smoothly, and a series of brownstone townhouses can often look like a single building with several doors and windows instead of individual residences. Brownstone was plentiful and inexpensive in the 19th century. The image of this style is forever associated with New York City, but can be found in other urban areas. By the 1840s, it was a popular choice for townhouse facades and retains its charm today, as a signifier of both sophistication and neighborhood appeal.
Brick Row Houses:
On the other hand Boston and Philadelphia are famous for streets lined with brick masonry row houses. Specifically the brick Federalist architectural style for houses prevailed between the Revolutionary War and about 1835. The federal row house was modest in scale and restrained in ornament. The front of the house was usually clad in red brick, typically laid in what is known as a Flemish bond (a style of bricklaying with each row of brick laid in alternating headers and stretchers – the short and long sides of the brick). Brick row houses are usually two or three stories and often have half-story attics with dormers. The brick Federal architecture is an adaptation of Georgian elements, with an American twist. We can thank Boston native Charles Bulfinch for this style influence throughout our neighborhoods.
Distinctive Architectural Illustration by Rob Leanna